Have you closed your home loan? If yes, what to do next? Usually, home buyers take a lot of precautions before availing a home loan. The home loan has to be closed in a proper way, as it is a long-term financial commitment. It can even be closed prematurely if you have the funds. The home loan must be closed, once the last EMI is paid.
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If you’re planning to prematurely close the home loan, just follow the steps mentioned below:
See Also: Home Loan Interest Rates Rising
If you have paid the last home loan EMI, the following steps must be taken:
See Also: What Is My Home Loan Eligibility?
Buying a house is tough with the high prices. Availing home loans has become common, today. You can enjoy tax benefits under Section 80C of the Income Tax Act on the home loan principal repaid, up to Rs 1.5 Lakhs a year. Managing home loan repayments is a tedious task for many home loan borrowers. It may be because of financial indiscipline or health and job problems. You must understand that the bank does not foreclose the home loan if you miss 1 or 2 EMIs. The bank may seize the property when the EMIs are due for more than 3 months. If you do not reply to the legal notices sent by the bank, the bank retains the right to auction the property to recover the dues.
Visit the bank branch and give the reasons for not paying Home Loan EMIs on time. The bank offers a moratorium period if they are convinced, the reasons are genuine. If you are finding it difficult to pay Home Loan EMIs because of higher interest rates, try to get the loan restructured. Lenders restructure the home loan by lowering home loan EMIs and extending the tenure. If the bank is not ready to restructure the loan, then opt for home loan balance transfer with another bank.
See Also: Mortgage Loan Calculator
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